Mozambique: Government forecasts record investment in 2007

16 November 2007

Maputo, Mozambique, 16 Nov – The government of Mozambique is by the end of the year expected to approve investment proposals worth a total of over US$7.3 billion, according to figures published Thursday in Maputo by the Center for Investment Promotion (CPI).

These figures showed that since the beginning of the year investment proposals worth US$5.8 billion had been approved, including one project related to setting up an oil refinery in the coastal city of Nacala in Nampula province.

At the top of the list of countries investing in Mozambique is, in first place, the United States, followed by Switzerland, South Africa, Tanzania, China, Portugal, Canada, Brazil and Zimbabwe, said the CPI director responsible for communication, Evaristo Cumbana.

The biggest investment made in the last 32 years was by Australia’s Billiton group, which owns Mozal, and which applied US$1.9 billion on setting up an aluminum foundry, eight years ago, followed by South African company Sasol, of around US$1.3 billion, in 2004, Cumbana said.

Between January and October of this year, the government of Maputo approved several proposals for investment projects in the country with the potential of creating approximately 8,000 new, including some in the area of agriculture and agro-industry.

Most of the investments made in this period were, for the first time, focused on the provinces of Nampula, in the north, and Tete, in the center, against the usual focus on Maputo, in the south of the country.

As well as US investors, proposals were presented for ethanol production projects, in Gaza, southern Mozambique, by a British group, and the exploration of coal mines in Moatize, in Tete, by Brazil’s Companhia do Vale do Rio Doce, both totalling an investment of around US$4.3 billion. (macauhub)